US President Donald Trump has urged Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) not to cut their oil production. In a tweet, last night, President Trump said he hopes that Saudi Arabia and OPEC will not be cutting oil production. He also said oil prices should be much lower based on supply.
The US Energy Information Administration said last month that the US resumption of sanctions on Iran adds uncertainty to crude oil prices, and the effects of sanctions will increase in near future.
The OPEC said later that its member countries are ready to meet global oil market needs in case of any politically-motivated fall in supply, and maintain their continuous efforts in pursuing a balanced and sustainably stable global oil market.